Office for sale

Quadra, Pavillion Drive, Northampton, Northamptonshire NN4

Quadra is located within Northampton Business Park, approximately 3 miles south of Northampton town centre, with excellent access to M1 Junctions 15 & 15A via the A45 and A5076 respectively.
Northampton Business Park was developed in the 1980's and early 1990's and extends over 54 acres. The business park provides a range of multi-let and stand-alone headquarter buildings which have been popular with a range of national and regional occupiers since its construction.
The park's occupiers and owners benefit from the onsite management and security centre, providing 24-hour manned security and CCTV coverage. There is a Costa Coffee, Greggs, and Marriot Hotel all within approximately a 10 minute walk from the building.

Northampton is a large market town in West Northamptonshire in the East Midlands, with a working population of approximately 142,700. It is a key distribution hub supported by excellent infrastructure, and a range of expertise including manufacturing, engineering, and professional services.
Key occupiers on Northampton Business Park include: Barclaycard, Regus, and Ricoh UK Limited. Other major office occupiers in Northampton include Nationwide Building Society, Northamptonshire County Council, Avon Cosmetics, Opus Energy, Phoenix it Group, Shoosmiths, Staysure, Travis Perkins and Ald UK.

Quadra is a multi-let office building situated on Northampton Business Park, occupying a site area of approximately 1.63 acres. The property provides 41,916 sq ft of modern office accommodation over ground and two upper floors offering flexible workspaces for tenants. The vendor has undertaken a significant refurbishment programme including the following works: Refurbishment of Suites 2,3b, 6 & 8 (noting that the refurbishment of Suite 2 is in progress), incorporating new vrf air conditioning, carpets, ceiling tiles and redecoration throughout. Upgraded external and internal common parts including the reception and vrf air conditioning and upgraded WCs on each floor

Investment Summary
Reversionary multi-let office located on Northampton Business Park, Northampton's premier office location
Excellent connectivity, located adjacent to Brackmills Industrial Estate and 3 miles from J15 of the M1, and 3.5 miles from Northampton Train Station which provides a direct service into London Euston and Birmingham New Street in 56 mins and 60 mins respectively
Providing a total of 41,916 sq ft of offices over 3 storeys and 9 office suites
Let to 6 tenants with a WAULT of 2.83 years to expiry (2.47 years to break)
Rent passing of £477,226 pa which equates to £11.39 psf overall and £16.51 psf on the let accommodation
Recent rents achieved in the building of £20.52 psf to ciwm, offering a substantial reversion
Significant asset management opportunities:
- Based on a conservative erv of £19.50 psf, upon letting of the vacant suites this would increase the rent passing to £731,330 pa. Once this erv has been realised throughout the whole building this provides an increase to £817,362 pa
- aib is in lease renewal discussions, offering an early opportunity for a purchaser to increase the rental income
- Keepmoat is in discussions about a possible re-gear/ re-location to Suite 6
- The vendor has been undertaking a refurbishment programme. There is an opportunity for an investor to upgrade the EPC ratings across the property to at least a B, leading to improved liquidity and broader market appeal.
Flexible floor plates well suited to occupational demand in Northampton
Freehold

We are instructed to seek offers in excess of £4,072,000 which equates to a low capital value of £96 psf and offers the following attractive yield profile.
Net Initial Yield: 11.00%
Net reversionary yield upon letting of the vacant accommodation: 16.86%
Net reversionary yield upon achieving the erv throughout the building: 18.84%

Strictly by appointment with agents.